The Asia Pacific blood meal market is accounted to US$ 712.86 Mn in 2018 and is expected to grow at a CAGR of 3.4% during 2019-2027, to account to US$ 963.49 Mn by 2027.
The dried form of animal blood which is collected from slaughtering of several livestock species such as cattle, pigs, chickens, and others under specific conditions is known as blood meal. Blood meal is considered as rich source of protein, iron and nitrogen and is used to supplement feed diets based on cereal grains, remains of plants and forages. Blood meal serves an advantage over plant-based protein and other feed ingredients owing to their rich nutritional profile and cost effectiveness. Apart from their use in feed industry, blood meal also finds application as natural and organic fertilizer to promote plant growth. Therefore, with the surge in demand for healthy feed products coupled with increase focused towards environment sustainability and crop protection, the market for blood meal is expected to rise over the forecast period.
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The China contributed to the largest share of the Asia Pacific blood meal market. China is one of the largest producer and consumers of animal-derived products in Asia-Pacific. It is expected that the market for blood meal may experience growth due to expansion and establishment of manufacturing capabilities by major manufacturers in the coming years. Also, as per the Food and Agriculture Organization (FAO), the demand for livestock products has substantially gone up in the country which is expected to bolster the growth of the market. Additionally, the demand for animal protein is rising in the country so as to boost the health and growth of the animals. This is expected to have a positive impact upon the growth of the blood meal market growth in China.
Effect of COVID-19 on Asia Pacific Blood Meal Market
The COVID-19 outbreak initially started in Wuhan (China) in December 2019, and since then, it has spread at a fast pace across the world. The COVID-19 virus is transmitted through contact with infected persons or carriers via respiratory droplets when they cough or sneeze. As of March 2020, China, Italy, Iran, Spain, republic of Korea, France, Germany, and the US are among the worst affected countries in terms confirmed cases and reported deaths. The pandemic has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdowns of various industries, mainly food and beverage industry and supply chain disruptions due to lockdown of countries has created a strain on the supplies of food and beverage products.
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The Asia Pacific has faced huge economic losses due to covid-19 outbreak. The revenue generated in this region has seen a significant downfall due to some steps such as lockdown, undertaken by the government to curb the spread of covid-19. The Airport authorities have informed that the prolonged duration of covid-19 will adversely impact the airport connectivity in the Asia Pacific region, which in turn will economic stability and impact other industries in the region. Lockdowns and reduction in business activities will affect the economic flow and thus have a negative impact on the market growth in the coming years. China is the most affected country in the entire Asia Pacific region due to the covid-19 outbreak.
Asia Pacific Blood Meal Market
Growth of poultry feed industry
Poultry feed, being one of the applications of blood meal, are feed ingredients used for poultry birds, including turkey, chickens, ducks, and other domestic birds. Such feed ingredients require basic nutrients that are required by poultry animals for growth and development, and includes essential minerals, vitamins, carbohydrates, proteins, and water. Other than this, protein is considered to be a key source of energy for poultry birds. Rise in investments in poultry feed mills, poultry houses and slaughterhouses has led to growth of poultry feed market. Amongst the other feed ingredients, blood meal is an important feed ingredient that is primarily used in poultry feed.
Poultry blood meal is considered to be cost effective replacement and best performing ingredient in comparison to other forms of feed ingredients. It is widely known for its nutritional profile and is a rich source of protein, iron and lysine content. Other than this, blood meal also enhances pepsin digestibility and is, therefore, used in supplementary protein to along with plant-derived feed ingredients. Thus, the rising demand for poultry from the nations across the world has been a factor contributing to the rise and development of the blood meal market.
Source Based Market Insights
Based on source, the blood meal market is segmented into porcine blood, poultry blood and ruminant blood. The poultry blood segment accounted for the largest share of the Asia Pacific blood meal market in 2018; however, the market for the porcine segment is expected to grow at the highest CAGR during the forecast period. Porcine blood, which is also known as pig blood or swine blood, encapsulates many of the similar characteristics of human blood and is quite a useful animal model in many areas of research. Some of the industries are offering glutaraldehyde-stabilized freshly prepared pig red blood cells for research or other purposes.
Poultry blood is collected from chicken mainly for two purposes, such as to obtain serum, which can be tested for various disease virus antibodies, no anticoagulant is required in this process, and the blood is allowed to clot. The levels of antibody detected in individual birds and flocks give an indication of the response to vaccination. Ruminant blood is collected mainly from a cow. Fresh and whole blood is collected from slaughterhouses, then coagulated, and finally steam dried, which is often referred to as “animal protein transformed from the blood.” Ruminant meat meal and the bone meal had been banned from giving as feed to ruminants to give support as one of the fire-wall to BSE. A ruminant blood meal is one of the good protein sources, and the protein is a high percentage of by-pass, about 75%. So this blood meal is a good source of by-pass protein.
Asia Pacific Blood meal Market, by Source – 2018 & 2027
Application-Based Market Insights
Based on application, the Asia Pacific blood meal market is segmented into porcine feed, poultry feed, ruminant feed, aqua feed and others. In 2018, the poultry feed segment dominated the Asia Pacific blood meal market; whereas, the aqua feed segment is expected to grow at the fastest rate during 2019-2027. The other application of blood meal goes to fertilizer, pesticides which are used in agricultural purpose. Since, blood meal contains many nutrients; it is quite useful even for maintaining soil quality. Blood meals help in animal farming as well as in healthy crop yield. Blood meal contains a high percentage of crude protein and is commonly used as a protein source in pig starter diets. Porcine plasma has been re-allowed as a feed ingredient for pigs and poultry since plasma improves piglets’ growth performance and health without developing antibiotic resistance. Poultry feed is basically food for farm poultry, including chickens, ducks, geese, and other domestic birds.
Feed ingredients for poultry diets are particularly selected for the nutrients they provide, the absence of toxic factors, their palatability effect on feed intake, and also their cost. Blood meal that consists of dried up blood obtained from slaughtered cattle is mainly used to enhance the milk production in cattle due to its high protein content. Aquaculture is supplying half of the seafood coupled with fishery products that are consumed worldwide and are gaining global significance in the form of a source of healthy food and income. With the increasing world population, the future demand for seafood will grow at a rapid pace and can only be met through expanded and sustainable aquaculture production. The other application of blood meal includes fertilizers, pesticides, etc.
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